Gazprom: "Largest Ever Volume of Natural Gas Exports to China... Replacing European Demand"

Does not disclose specific volume scale
Russian Ministry of Energy "Will exceed 30 billion m³ next year"

Russian state-owned natural gas company Gazprom announced that this year, Russia's gas exports to China have reached an all-time high, replacing the existing demand from Europe. As the war in Ukraine and sanctions against Russia enter their third year, Russia's natural resource exports to China continue to increase, leading to expectations that the effectiveness of sanctions against Russia will gradually diminish.

[Image source=Reuters Yonhap News]

According to Bloomberg on the 17th (local time), Gazprom stated that the daily gas export volume to China reached a record high the previous day. However, the company did not disclose the specific amount of natural gas sold to China. Gazprom claimed, "With the expansion of pipeline gas supply, daily export volume has sharply increased."

Since 2019, Gazprom has been exporting gas to China through the 'Power of Siberia' pipeline directly connected to China, and after the outbreak of the Ukraine war in February last year, Western sanctions against Russia intensified, significantly increasing the volume of exports to China.

Gazprom and China National Petroleum Corporation (CNPC) signed a new gas supply contract in mid-last month. Russian Deputy Prime Minister Aleksandr Novak emphasized, "We will urge to conclude the pipeline supply contract as early as possible to ensure smooth gas supply."

According to the Russian Ministry of Energy, gas exports to China this year are estimated to reach 22 billion cubic meters (bcm). It is expected to exceed 30 billion cubic meters next year.

Bloomberg reported that CNPC is also considering a second pipeline gas contract with Gazprom. The second pipeline, 'Power of Siberia 2,' is scheduled to begin construction in 2024 and will connect Siberia to China via Mongolia.